As businesses become more dependent on technology, the risk for cyberattacks increase. Cyberattacks pose financial and reputational risks to the business. The cost of data breaches worldwide for businesses of all sizes could cumulatively grow to $5 trillion by 2024. There are many cost effective ways to reduce your cyber risk.

  1. Understand Your Cyber Risks – Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods.
  2. Update Software – Routinely check and upgrade major software.
  3. Data Breach Plan – Remind employees to periodically review the data breach detection tools installed on their computers. Ensure employees know if a data breach occurs they must notify the business immediately.
  4. Create Back-Up Files and Store Off-Site – Create back-up files on an external hard drive or on a separate cloud account to help prevent ransomware.
  5. Train Employees – Your exposures can be reduced by having and enforcing a computer password policy for your employees.
  6. Proper Firewall and Antivirus Technology – Evaluate the security settings on your software, browser, and email programs.
  7. Cyber Security Insurance – Protect your business with the appropriate cyber security insurance to provide protection for the costs associated with data breaches and ransomware.

When your business is in the market for a cyber insurance policy, or looking to renew an existing policy, The Insurance Center will consider all the risks your business faces. Contact us at (252) 637-4173 or on The Insurance Center website to get in touch with one of our experienced representatives!

Source: https://www.iii.org/press-release/is-your-business-cyber-resilient-iii-offers-7-ways-businesses-can-reduce-their-risks-100819